石油化工行业周报：需求存改善预期，油价有所上涨

Investment Rating - The report maintains an "Overweight" rating for the petrochemical sector [2][31]. Core Views - The report highlights an expected improvement in demand, leading to a rise in oil prices. The geopolitical tensions in the Middle East and a slowdown in U.S. crude production are contributing factors to the upward trend in international oil prices [2][12][17]. - The report identifies four main investment themes within the petrochemical sector: 1. State-owned energy enterprises are pushing for increased oil and gas reserves and production, with a focus on refining transformation and green low-carbon transition, recommending attention to companies like China National Petroleum, China National Offshore Oil, and Sinopec [3][31]. 2. Global upstream capital expenditure is increasing, enhancing the outlook for oil service companies, with recommendations for companies such as CNOOC Engineering and China Oilfield Services [3][31]. 3. The slowdown in capacity growth in the filament industry is expected to improve supply-demand dynamics, suggesting a focus on companies like New Fengming and Tongkun [3][31]. 4. Refining companies are actively planning new capacities and accelerating new material project layouts, recommending companies like Satellite Chemical and Hengli Petrochemical [3][31]. Summary by Sections Market Review - The CITIC petrochemical sector rose approximately 0.19% during the week of February 5-9, 2024, lagging behind the Shanghai Composite Index, which increased by about 1.14% [2][8]. - Key stocks that led the gains included Haohua Technology and Qixiang Tengda, while stocks that declined included Zhun Oil and Tongyi Energy [2][10]. Upstream Oil & Gas Sector - International oil prices are on the rise, with Brent crude futures settling at approximately $82.19 per barrel, reflecting a weekly increase of about 6.28% [12][14]. - U.S. commercial crude oil inventories increased by approximately 5.52 million barrels, indicating a recovery in supply [14][17]. Oil Service Sector - The number of active drilling rigs in North America has slightly decreased, with a year-on-year decline of 140 rigs [18][19]. - OPEC countries have seen an increase in drilling platforms, which is favorable for oil service companies operating in the Middle East [18][19]. Midstream Refining Sector - Domestic refined oil prices have seen slight increases, with gasoline prices around 8523 RMB/ton and diesel prices around 7055 RMB/ton [20][21]. - The report notes a significant recovery potential for refining companies due to narrowing price differentials in various products [20][21]. Terminal Polyester Sector - The report indicates that the POY price differential has expanded, benefiting filament enterprises' performance recovery [23][24]. - Polyester bottle chip prices have remained stable, with a slight increase noted [26]. C3 Sector - The acrylic acid market price remains stable, with a slight increase in the price differential between acrylic acid and propane [28].